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Module fund second successful equity crowdfunding campaign


Module fund second successful equity crowdfunding campaign

Auckland-based social enterprise The Module Project Limited have launched an equity crowdfunding campaign on PledgeMe to fund the next stage of commercialising their long-lasting and upgradeable mobile wireless speaker, Decibel.

“Many consumer products are built with intentionally short life cycles. We believe that the future of product development needs to address the negative effect consumption has on our planet,” says Module COO Vince Lovrich.

Started in 2015 by Ketzal Sterling and his co-founder, Lovrich, Module’s Decibel is the first of many products they plan to create.

“We want to make the longest lasting mobile wireless speaker ever created. Decibel is just the beginning.” says Lovrich.

“Our next planned product is a smart kettle called Liquid, and in the future we hope to develop phones, motor vehicles, any product that our customers want to see replaced by an environmentally conscious alternative.”

On Sunday, Module reached their minimum funding goal of $40,000 and are now heading towards their maximum target of $400,000, which represents up to 9.1% of the company. The minimum investment is $990.90 and investors will receive non-voting shares.

“The first week has been exciting, if a little tense. Letting a project into the world when you have been so deeply involved is always difficult. However, we have had great feedback and investment has been steady. We are pleased that Kiwis support the positive change we are trying to make” says Lovrich.

PledgeMe’s Chief Lending Officer Barry Grehan is pleased that their latest equity crowdfunding campaign is for a social enterprise. “We love seeing companies that care about our planet. Those who, from the very outset of their journey, have spent their time thinking about the wider impact they want to make on the world. Module are challenging today’s manufacturing mentality of intentional obsolescence and we’re proud to support that mindset shift.”

PledgeMe has helped other social enterprises crowdfund, including Eat My Lunch who raised over $800,000 through their Lunch Bonds last year. Their campaign showed that investors are willing to support companies that are focussed on creating sustainable business models that have a social impact.

“Social entrepreneurs like Ketzal and Vince believe that meaningful progress can be made through positive business practices. Their equity crowdfunding campaign enables them to involve their crowd who share that ideal to help bring their growth plans to life” says Grehan.

The Module campaign is currently running here: pldg.me/module.

ENDS

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